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4-1) Cross-Border Transfer of Cash and Negotiable Financial Instruments

No: 361000067859 Date(g): 25/2/2015 | Date(h): 7/5/1436 Status: In-Force

Effective from 2015-02-25 - Feb 24 2015
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Compliance with the provisions of the Royal Decree No. (M/81) dated 18/10/1428 and its executive regulations issued by the Minister of Interior’s decision No. 4814 dated 09/10/1433H is required. In accordance with the instructions from the central bank regarding the requirements for transferring cash and financial instruments into or out of the Kingdom, licensed exchange shops may transfer money directly or through private money transfer companies, whether via shipping or postal parcels, for their own purposes only. Exchange shops or companies specialized in cash transport must complete the disclosure form for financial institutions when transferring cash across borders exceeding the disclosure limit, adhering strictly to security and safety requirements as stipulated in the regulations governing exchange operations issued by the Minister of Finance’s decision No. 1357 dated 01/05/1432H and any additional instructions from the central bank.

To implement this, exchange shops must follow these organizational steps:

  1. Licensed exchange shops in the Kingdom are permitted to import and export cash and negotiable financial instruments in Saudi Riyals or other foreign currencies across the Kingdom's borders.
  2. The activities of licensed exchange shops are limited to importing and exporting cash in Saudi Riyals or other foreign currencies across the borders for their own currency exchange activities only. They are not permitted to transfer cash on behalf of others.
  3. Exchange shop owners must notify customs officers at border crossings of the cash and negotiable financial instruments they carry and wish to bring into or out of the Kingdom for disclosure purposes.
  4. These procedures apply to all entities involved in the transfer, including licensed exchange operations and their direct and indirect employees, shipping companies, and specialized cash transport companies (private security firms) or postal transport companies.
  5. Payment instruments with similar characteristics to cash are subject to these procedures.
  6. Retain documents related to the purchase or import and the sale or export of foreign cash in a specific file for examination by the central bank upon request.
  7. Exchange shops must record and maintain data and information (Information Center) related to cash and negotiable financial instruments moving across borders for tracking and study purposes.
  8. Provide the central bank's Banking Supervision Department with a detailed monthly report on the money transferred across the borders, including its sources and details, according to the attached form (Appendix No. 3).
  9. Exchange shops must establish organizational procedures for the transfer of cash and negotiable financial instruments to and from them, including:
  a.Agreeing on the preparation and transportation of cash and preparing it in suitable methods for both parties, facilitating the transfer, counting, and verification of its safety.
  b.Ensuring strict adherence to security measures for the transportation of cash and financial instruments and following the minimum requirements in the security safety guide and modern, appropriate transport methods.
  c.Verifying the legitimacy of the entities from which and to which transfers are made and ensuring the necessary licenses for conducting banking operations.
  d.The sending and receiving of cash and its transportation within the Kingdom must be limited to Saudi employees.
  e.Local exchange shops are responsible for verifying the legitimacy and legality of the sources and uses of cash and financial instruments they transport.